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The income tax return for 2020 must be submitted in an updated form

The IFTS finalized the declaration form, its format and the procedure for filling it out.


The government has prepared a project according to which the annual income is more than 5 million rubles. you need to pay personal income tax at a rate of 15%.

It is planned that the new rules will need to be applied starting with revenues generated in 2021.


The minimum wage for 2021 became known

The Ministry of Labor has established a living wage for the working-age population for the II quarter of 2020. It is equal to 12 392 rubles.

“Hill and Knowlton Strategies” Ceases its Activity in the Baltic States Enterprises of the agency group of public relations “Hill and Knowlton Strategies” ceases it activity in the Baltic States, their obligations in Latvia are transferred to the newly established company Mezgaile, Malina un Austrins (MM&A), informed BNS the representatives of MM&A. Read more
The Government Will Raise the Question of the Sale of State Shares of LMT and Lattelecom The Latvian government is planning to consider the resumption of the working group of three ministers to assess the possibility of selling the state-owned shares of the capital of telecommunications companies Latvijas Mobilais telefons (LMT) and Lattelecom on March 10. Read more
Export of the Latvian Enterprises of Mechanical Engineering and Metalworking Decreased by 19% In 2014, the Latvian enterprises of mechanical engineering and metalworking exported products for 766.414.000 euro - 19% less than in 2013, was reported by Association of Mechanical Engineering and Metalworking Industries of Latvia to the agency BNS. Read more
Real Estate Agents: the Demand for Expensive Private Houses Felt Sharply Last year, the average transaction amount of a single-family private house in the vicinity of Riga was for 13.7% less than in 2013, according to real estate company Arco Real Estate. Read more
"Turkmenistan Airlines” Starts Operating Flights from Riga The Turkmen national airline Turkmenistan Airlines will start transporting passengers from the Riga International Airport, told Head of Communication at Riga International Airport Sarmīte Rinmane to BNS. Read more
Last Year "Ventspils nafta terminals" Increased Transhipment of Oil Products by 10% A subsidiary of the holding company “Ventspils nafta” – “Ventspils nafta termināls” transhipped 10.58 million tons of oil products in 2014, which is for 10% more than in 2013, evidenced by its message to Exchange “Nasdaq Riga” Read more
The Company “DK Daugava” Completely Stopped Work because of Russian Sanctions

The company's work for the production of dairy and bakery products “DK Daugava”, Ltd. completely stopped its work because of the Russian sanctions.

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Veshnyakov: Trade Turnover between Latvia and Russia Has Grown by about 20% Last Year Despite the sanctions, the trade turnover between Latvia and Russia has grown by about 20% last year, said a Russian ambassador in Latvia Alexander Veshnyakov in an interview to the business information portal Baltic Business Service of the BNS Agency. Read more
The Sudden Swiss Franc Movement or “Black Thursday” The consequences of the decision of the Swiss National Bank, taken on January 15 led to the insolvency of major companies providing brokerage services - Alpari, FXCM, ExcelMarkets. Read more
A plant “Liepajas Metalurgs” will resume production in February A metallurgical enterprise “KVV Liepajas Metalurgs” (KVV), taking over the assets of an insolvent Latvian company Liepajas metalurgs, plans to resume its production in the first half of February, told a member of the board of KVV Igor Kovalenko to journalists on Monday. Read more
Deflation in the euro area Prices in the euro area decreased by 0.2% for the period from December, 2013 to December, 2014. Deflation will keep in January as well. This is due to the fall in oil prices, which led to lower production costs of basic goods. Read more
20 Important Changes in the Laws of Latvia, Which Will Come Into Force from the New Year's Here is a list of significant changes in the laws that come into force on January 1, 2015, reminds the press-service of the Saeima. Read more
Laima Will Invest 3 Million Euro in the Production of New Chocolates The largest Latvian manufacturer of sweets Laima plans to purchase new equipment for the production of chocolates for more than 3 million euro, informed the chairman of the group of NP Foods Roland Gulbis to BNS. Read more
“DNB banka” Allocated the Loan in the Amount of 17.5 Million Euro to “Latvijas Dzelzceļš” “DNB banka” allocated the loan in the amount of 17.5 million euro to the Latvian railway company “Latvijas Dzelzceļš” (LDz), informed BNS the head of public relations department of the bank Teika Lapsa. Read more
Milkmen of the Baltic States May Receive Additional Support from the EC in the 2015 Milkmen of the Baltic States may receive additional support due to the losses for the response of Russian embargo next year, reported a Deputy Chairman of “Zemnieku Saeima” Maira Dzelzkaleya on Thursday to BNS after a meeting with the Commissioner for Agriculture and Rural Development of the EU Phil Hogan. Read more
The Minimum Hourly Wage Rate Will Increase to 2.166 euro in the Coming Year The minimum hourly wage rate will increase from 1.933 to 2.166 euro next year in Latvia, told a head of the Communication Department of Ministry of Welfare Marika Kupce to BNS. Read more
Lithuanian Manufacturers of Household Chemical Goods Take Interest in Latvian Market Alytus companies producing household chemical goods Koslita and Alytaus chemija prefer local buyers, who provide most of the revenue, but the most attractive export market for them is Latvia - there they export more and more of Lithuanian car cosmetics and household cleaning products. Read more
Fazer Opens a New Production in Latvia Construction of a new bakery of Finnish food group Fazer began in Ogre. Opening is scheduled for September of the next year, 40 new workplaces will be created in Ogre. Most interesting is that a part of the production lines of the company Fazer in Tallinn is moved in this Latvian town, but the Estonian production will be closed in April 2015, work will lose about 95 people. All of this is almost a mirror reflection of the situation in “Aldaris”. Read more
The Latvian Government Decided to Increase a Minimum Wage to 360 Euro in 2015 On Monday, the Latvian government at an extraordinary meeting decided to increase the minimum wage by 40 euro from January 1, 2015 - from the current 320 to 360 euro per month, reported to BNS in the Ministry of Finance. Read more
Norwegians Propose to Build a Liquefied Natural Gas Terminal in Latvia The Norwegian company BW Maritime intends to build a marine terminal for liquefied natural gas (LNG terminal) in Latvia. The main condition is the ability to connect a gas pipeline of the future LNG terminal with the underground gas storage in Inchukalns. Read more
Sanctions and Consequences: Latvian Railways is Preparing Lay-Offs Systemically important sector of the economy of Latgale - railway - got into a difficult situation. Because of the war of sanctions, inspired by the European Union, falling of turnover is continued on the railway. Companies engaged with maintenance of cargo and repair of rolling stock incur losses. The next plan is the beginning of employee lay-offs. Read more
Expert: prices for housing in Latvia will fall, but it will be more difficult to buy it Lending market in Latvia is very risky, banks do not have the right to vote, so they are voting with their feet, commenting on the situation with the amendments to the Law on Insolvency and the introduction of the principle of “the keys on the table”, said a consultant of the Association of Commercial Banks of Latvia Casimir Shlyakota for radio Baltcom. Read more
TOP 10 of the Most Successful Foreign Investors in Latvia Edition VIP Lounge in collaboration with Lursoft published a ranking of successful foreign businessmen, foreign owners of the Latvian companies. In total, a foreign dozen earned 80 million euro per year in Latvia. We offer to look closer at them. Read more
Samsung introduced a smartphone with a curved display As BBC reports, the South Korean company Samsung Electronics introduced a smartphone with a curved display Galaxy Note Edge at the exhibition in Berlin. Read more
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